TriMetals Mining Inc. files First Quarter 2018 Financial Statements and MD&A
TriMetals Mining Inc. files First Quarter 2018 Financial Statements and MD&A
VANCOUVER, British Columbia, May 14, 2018 -- TriMetals Mining Inc. (TSX:TMI) (OTCQX:TMIAF), (the “Company”), reports
the release of its condensed interim consolidated financial statements for the three months ended March 31, 2018 with cash
at the end of the quarter of $1.2 million. In this press release, all amounts are expressed in U.S. dollars, unless otherwise
indicated.
Highlights for 1Q 2018 and to date:
• The Company has implemented cost reductions to lower corporate overhead since the beginning of the year, resulting
in a 34% decrease in general and administrative expenses from the quarterly average of $0.56 million during 2017 to
$0.37 million in 1Q 2018;
• A non-brokered private placement was completed for gross proceeds of $1.49 million (Cdn$1.9 million) as announced in
the Company’s news releases of March 5, 2018 and February 26, 2018;
• The Company reported positive rock chip sampling results from the South Jumbo and new Homestake targets at the
Gold Springs Project as announced in the Company’s news release of April 26, 2018 from a surface sampling program
completed at the end of 2017.
Exploration spending during the three months ended March 31, 2108 decreased to $0.4 million from $0.63 million incurred in
the first quarter in 2017. The 2018 costs included $0.3 million incurred at Gold Springs and $0.1 million incurred at the
Escalones property in Chile. Exploration drilling and related exploration costs for the Gold Springs Project, located on the
border of Nevada and Utah are capitalized and reported as deferred exploration costs in the Statement of Financial Position.
During the three months ended March 31, 2018, the TSX closing price of the Class B shares (a liability in the financial
statements) decreased by Cdn. $0.01 (2017 – decreased by Cdn. $0.03) per Class B share resulting in a non-cash gain of
$1.45 million (2017 –$1.9 million).
Outlook
The priorities of the Company for 2018 continue to be:
• Focusing the Company’s efforts to advance the exploration and geologic understanding of the district-potential at the
Gold Springs Project, including expanding the resources along the 5.5-kilometer long Jumbo Trend;
• Unlocking value by facilitating the advancement of the Escalones copper-gold porphyry-skarn project in Chile;
• Participating with the Company’s legal team to resolve the international arbitration against Bolivia and recover full
compensation based on the fair market value for the Malku Khota project; and
• Continue to reduce overhead costs throughout the Company while further optimizing the exploration program at the
Gold Springs Project, and pursue value-accretive business and strategic capital raising opportunities.
About TriMetals Mining Inc.
TriMetals Mining Inc. (TSX:TMI) and (OTCQX:TMIAF) is a growth-focused mineral exploration company creating value through
the exploration and development of the near-surface Gold Springs gold-silver project in mining-friendly Nevada and Utah,
U.S.A.
The Company’s Class B shares are listed on the Toronto Stock Exchange under “TMI.B”. Note that the Class B shares have
no interest in the properties or assets of the Company other than a collective entitlement to 85% of the net cash after
expenses, if any, received by TMI from award or settlement in relation to the Company’s subsidiary’s arbitration proceeding
against Bolivia.
TriMetals Mining Inc. Contact:
Eric Edwards
President & CEO
Forward-looking Statements
Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the
business. Forward-looking statements may include words such as “expect”, “plan”, “seek”, “continue”, “typical”, “will”,
“intention”, “creating”, “and similar expressions. These forward- looking statements are based on current expectations and
entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or
uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Factors that could cause results or
events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are
not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project,
including possible variations in mineral resources or grade, recovery rates, metal prices, availability of sufficient financing to
fund further required work in a timely manner and on acceptable terms, availability of equipment and qualified personnel,
failure of equipment or processes to operate as anticipated, changes in project parameters as plans continue to be refined;
and other risks more fully described in the Company's Annual Information Form filed and publicly available on SEDAR at
www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current
resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for
mining by local governments in Nevada, Utah and Chile, the availability of equipment and qualified personnel to advance the
Gold Springs project; and the execution of the Company's existing plans and further exploration and development programs for
the Gold Springs Project, which may change due to changes in the views of the Company or if new information arises which
makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release. Except
as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result
of new information, future events or any other reason.